Ryan Frederick’s Post

A wealth advisor told me recently that her clients are obsessed with longevity. As they consider their long-term financial plans, they also bring up diet, exercise and supplements, and how those factors also might improve their later years. This is natural territory for a modern wealth advisor — it’s not just about investments and savings anymore. But if an advisor is going to address these important, broad topics with clients, it’s important to remember that there’s more to longevity than what I might call “biohacks.” What are the other important elements of living better, longer? I would start with: 👉Building and maintaining close relationships 👉Finding a sense of purpose  👉Pursuing your passions There’s research that tells us that each of those three factors helps people stay healthier as they age. And the easiest, most effective way to achieve all three of these goals is to live in the right place. A wealth advisor can help by introducing the concept of place planning to their clients. When the conversation turns to extending quality of life over time, ask about where they live (or want to live). Will those places make it easier or harder to have meaningful relationships, to be who you want to be, or do what you love — not to mention maintain a healthy, active lifestyle? They are crucial considerations. My friend Bob Kramer says the key is not just adding years to our lives, but making sure we add life to those years. Place can play a powerful role in doing that. Wealth advisors should make sure their clients know it. 

“We’re Not Dead Yet” applies to millions of Baby Boomers but also serves as a warning to states and municipalities not positioning themselves to thrive in the future. In the recent WSJ article (‘We’re Not Dead Yet.’ Baby Boomers’ Good Times Drive the Economy: https://lnkd.in/gXs3Nkee), Heather Gillers and Ben Eisen focus on Georgetown, TX, the fastest growing city in the country for the third year in a row. The secret: it has been drawing Baby Boomers primarily through its Sun City project. These Boomers have brought their wealth and zest for life and have often relocated from other states, including New York, California and Illinois, among other states. This strategy has been a boon for the city about 40 minutes north of Austin. This should serve as a warning for states that are losing populations. Sure, better weather is a draw for people in the second half of life. But there are so many other factors. No one likes to leave their friends, esp. later in life.  These places must appreciate that losing older adults has economic and social capital ramifications and offer viable solutions. Net-net: - Baby Boomers, and likely generations that follow them, will be more selective in finding places that help them thrive over an increasingly long life. For some, Georgetown, TX is the ticket. - States and municipalities interested in thriving for the long-term should think hard about how to make their places appeal to people of all ages, including Boomers. This may involve more age-restricted offerings as well as compelling intergenerational options. In a sense, this recent WSJ article is an important reminder that place planning is important at the individual level as well as at the state and municipal levels.

One hurdle real estate professionals are facing right now is the large number of older homeowners who have declared “We’re never moving.” But guess what? A lot of older homeowners 𝘄𝗶𝗹𝗹 be moving — if not soon, in the not-so-distant future. The numbers bear this out. We are approaching “peak Boomer” — there are more than 30 million Baby Boomers born between 1959 and 1964 and more than 12,000 of them are expected to turn 65 each day this year. A large number want to age in place, but industry data shows that many will realize that it isn’t feasible. Some significant portion of “never moving” Americans will be selling. So what should a real estate professional do? I’d suggest starting by looking for ways to add value for the potential home sellers you meet who aren’t ready now. I read a smart blog post recently in which Florida real estate agent Katie Lucie described how she offers tips on putting homes into a living trust. “I’m doubling down on the long-game approach,” she wrote. Other ways to double down on the long game might include: ▶Providing tips on decluttering. ▶Offering home assessments focused on its age-friendliness. ▶Connecting homeowners with wealth advisors who can help them evaluate the financial implications of aging in place. The key is being seen as someone who is simply helpful — and not just helpful when a home goes on the market. That builds trust and positions you to be there when some of these “never-movers” realize “Actually, it’s time to move.” In today’s competitive marketplace, there might not be a better move than playing this long game. In other words, it’s time for place planning. (Katie's article: https://lnkd.in/gF4kYV2P)

Being a wealth advisor doesn’t mean you only give advice about wealth. Your clients, especially those near retirement age, have other important needs that naturally relate to financial planning. It’s exciting to see that more and more wealth advisors recognize this — and are acting on it. Hixon Zuercher Capital Management in Ohio is one of those firms. They’re not only broadening their services for clients, they’re teaching other advisors how to do it, too. As Richard Eisenberg wrote recently, Hixon Zuercher is opening a coaching academy to teach advisors how to help clients “look holistically at retirement.” “We want to help financial advisers help their clients into a more purposeful second half of life,” Tony Hixon, CEO, CIMA® says (https://lnkd.in/gQvN7k2V). The academy will coach wealth advisors on helping clients address key issues that adults face around retirement, such as loneliness, lack of purpose and the loss of a career-focused identity. Hixon Zuercher has gone so far as to hire a certified retirement life coach, Scott Miller. He leads the academy workshops. By launching the academy, Hixon Zuercher is recognizing that there are quasi-financial and non-financial decisions older adults make that have profound effects on both their finances and happiness. As lives (and retirements) get longer, these decisions carry more and more weight. And they’re not easy. For an example of just how important these factors are, read the “retirement stories” recently published by the New York Times (https://lnkd.in/g8xhrRmd). Nearly every retiree who said they were enjoying retirement had found something to give them purpose: Seeing family and friends more often, becoming a pickleball coach, or advising women entrepreneurs, for instance. And this quote jumped out to me, as well: “My biggest surprise was the loss of community. … As with most anyone who has retired, I needed to find a purpose. I missed being part of something that needed me.” I’d add two caveats to this post: 👉Not every wealth advisory firm needs to hire a retirement coach, but anyone in the business should recognize why it matters to their clients. If you are not in position to offer retirement coaching directly, the next best thing is building a network so you can refer clients to reliable help. Be the hub, with your trusted referral partners as spokes.  👉Don’t overlook the importance of place in helping people find their purpose, community and financial security. We know that where you live has significant impacts on your health, happiness and pocketbook. Place planning helps a client weigh those factors accurately. Richard’s piece excited me because it feels like there’s a burgeoning movement in the wealth advisory field. Savvy professionals are seeing the unmet needs many of their clients have — and are stepping up to meet it. 

Every wealth advisor asks clients about their financial goals. But the best ones ask about life goals, too. Because what good is it to optimize your financial well-being if you don't know what to do with your life? As I have written before, the ability to write a money management plan and having a general acumen for investment are table stakes for wealth advisors in 2024. In order to stand out, advisors need to go further. One way to stand out is to recognize that financial well-being is just one element of living a fulfilled life. Having a sense of purpose is another one — in fact, research says it’s one of the best predictors of happiness. “Purpose” can be defined as the personal goals a client is striving to reach, or the activities they tackle that make a difference for others. It’s not always easy for clients to identify their purpose, and it generally gets harder as they get older. Life and retirement coaches and organizations such as the Modern Elder Academy and Third Half Advisors provide processes to help uncover purpose. The Purpose Xchange offers free online workshops. Wealth advisors don’t have to replace these coaches, programs and organizations. But if you can connect your clients who need help in realizing their purpose, you will have performed a great service. That’s why I encourage wealth advisors to have broad conversations with clients. Address financial goals. But also ask questions like “Can you help me understand what some of your broader life goals are?” Then see how you can help — or who from your network can help. You know you can help your clients reach financial security. But they won’t be satisfied unless they feel the rest of their life is in order, too. Seize the opportunity and help them make it happen.

Buying or selling a home is a big decision, so it’s no surprise that in this economy, buyers and sellers take their time. But more time isn’t really what they need — they need more confidence. Sharp real estate professionals know this, and they help their clients become confident that they’re making the right decisions. It’s important on both sides of the equation. 👉Home sellers gain confidence when they know why they want to sell, and where they will go next. Real estate professionals can help by starting discussions about what the sellers like and dislike about their current place, and how they can improve that balance by moving. As I often write, all the elements of place — from your physical dwelling to your city, state and region — affect your health and happiness. When potential sellers understand what they’re getting from their current place and what they could add in a new place, they can judge the merits of the next offer more easily. 👉Home buyers want to make sure that they’re headed to the right place. Again, a real estate professional can facilitate conversations about what the buyers are seeking in a place, not just in an online listing. Buyers often concentrate on the known attributes in those listings. But real estate pros can help them widen their focus. Yes, the finished basement, kitchen layout and bathrooms matter. But a home can make it easier or harder to meet people, participate in the activities you love, or get to work, too. Once a potential buyer has a better grasp on these broader priorities, they are more prepared as listings pop up. And it allows them to be more aggressive when they find a home that they can say is right for them — with confidence. Today’s housing market often gives buyers and sellers a little more time to think. An astute real estate professional will take advantage of that time and help their clients determine exactly what they find to be truly valuable.

With America mired in a severe loneliness epidemic, I was encouraged to see David Buck write something unexpected in Rethinking65: One group that can help address this epidemic is … wealth advisors. It sounds a little far-fetched, I know. But Dave’s piece is on the money. (Here’s the link: https://lnkd.in/gBrVwGwX) I want to highlight two salient points from the article: 1) Wealth advisors are in a good position to help because they have clients who have just retired, or are getting ready to retire. And the risk of loneliness rises when you quit working. 2) Helping a client avoid or reduce loneliness might sound like the work of a social worker – and wealth advisors are busy enough already. The good news is that advisors can deal with both of these problems – and provide added value for clients – by adopting principles of place planning. Most of us know on some level that friendship is good for us. There’s plenty of evidence to back that up. For example, Dr. Robert Waldinger, the director of the Harvard Study of Adult Development, has concluded that the stronger our relationships are, the more likely we are to live happy, satisfying, and overall healthier lives. Place is a key lever in establishing and maintaining friendships. If we’re not around those that are similar enough to us, we’re unlikely to want to devote the time to develop a friendship. If we live too far away from those similar to us, we don’t have the ability to spend enough time together to develop friendships. Knowing this, a wealth advisor who wants to serve clients in a holistic way – providing more than typical investment and savings advice – can start place-planning conversations with clients. It doesn’t require much extra time and no additional certifications to ask questions like: ▶Does your neighborhood provide the social opportunities you crave through parks, community events and general neighborliness? ▶Are there “third places” nearby where you can meet up with others who share your interests and values? ▶Does your city or town have active civic groups, clubs or institutions that match your passions?  Prompting your clients to think about these topics can help them make decisions that decrease their loneliness and increase their well-being. And if they have questions, you don’t have to have all the answers – a modern advisor has a network of other experts and professionals to refer clients to when needed. By playing the role of place-planning “quarterback” (or “handing the ball” to experts in this domain), wealth advisors can help clients become healthier and happier (along with more financially secure). In today’s competitive environment for advisors, that can be a big advantage.

Life rarely goes as planned. Why even bother with planning? The exercise of planning helps you think through the details to understand what truly matters. The process reveals risks in your thinking. Planning tends to surface alternatives (Plan B!) that allow you to move more quickly and nimbly than otherwise. Planning is generally accepted for finances. It's time we put our plans in place (i.e. where we live), too. https://lnkd.in/gcteyE5a

There’s no such thing as the perfect place. So when it comes to moving, I recommend aiming for “better,” not “perfect.” And I encourage residential real estate professionals to seize this opportunity. When you meet a prospect or client who is stuck on “perfect,” your job is to help them understand what “better” might look like. Because place is foundational for healthy living in so many ways, a slight improvement in a single aspect of a home can have a big impact. For instance, a different but not-quite-perfect home could provide a big boost to your client’s: 👉Social network 👉Physical well-being 👉Financial well-being  👉Sense of purpose I’ll acknowledge that even when someone recognizes they’re not in the right place, finding the next place can take some time. And sometimes as clients think about the power of place, they realize they can improve their situation by upgrading their current home. You could be most valuable as someone who can point them to resources instead of listings.  So a transaction may not come immediately. But as a real estate professional (not just a broker), you are investing in the relationship and helping in the area of “place planning.” The prospect or client will see you as someone who is aligned with their needs and desires — not just someone who is there for the transaction. In the end, that’s an investment that will pay off — for you and your client.